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LIC Jeevan Labh Plan 836 – Review, Features, Benefits, Additional Benefits

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LIC Jeevan Labh Plan Review

LIC Jeevan Labh Plan 836 is an endowment plan newly introduced on January 1st, 2016 by Life Insurance Corporation of India. LIC Jeevan Labh Endowment Plan is available to the customers from January 4th, 2016.  The LIC New Jeevan Labh Endowment Plan UIN (Unique identification number) number is 512N304V01. LIC Jeevan Labh 836 Plan is a non-linked, limited premium paying, with profitable Endowment Assurance Plan. LIC New Jeevan Labh Plan primary feature is a limited premium payment option. For 16-year policy term, the customer has to pay a premium for 10 years. For 21 and 25 years of the policy term, the policyholder has to pay the premium for 15 and 16 years respectively. LIC Jeevan Labh Plan has a rider, death, and maturity benefits. This plan is taken from the age of 8 to 59 years.

In this LIC Jeevan Labh Plan, especially LIC mentions only the 3 policy terms. The policy terms are 16, 21, and 25 years. The customer can select any one of these 3 Jeevan Labh Endowment Plans according to their requirement.

Lic New Jeevan Labh Endowment Plan Calculator helps you to calculate the premium and maturity amount for LIC Jeevan Labh Plan 836. Before buying the Jeevan Labh LIC Plan check the premium rates for your desired sum assured using this Lic Jeevan Labh Endowment Premium Calculator or Lic Jeevan Labh Endowment Maturity Calculator. You can pay the premium monthly, quarterly, half-yearly and yearly.

LIC Jeevan Labh Plan 836 Benefits

LIC provides a host of benefits for the LIC Jeevan Labh Plan. The features and benefits are for the insured person before and after the policy term. LIC Jeevan Labh Endowment Plan has some unique benefits that are listed below.

Death Benefit: 

  • The ‘sum assured on death’ is higher of 10 times more than the annualized premium.
  • On sum assured, there are some additional bonus and vested  Simple  Reversionary   Bonuses are applicable.
  • Death benefit shall not be less than  105% of the total premiums paid by the insured as on date of death.
  • The premiums mentioned above exclude taxes, extra premium and rider premiums if any.

Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

Maturity Benefit: 

  • The sum assured on maturity is equal to the Basic Sum Assured.
  • Additional bonus and vested simple reversionary bonuses are applicable for Maturity Benefit.

Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB), if any.

LIC New Jeevan Labh Plan Terms and Eligibility Conditions

While buying the LIC Jeevan Labh Plan, the customer has to know the eligibility levels and which conditions are applicable. Following are the LIC New Jeevan Labh Base Plan eligibility conditions.

Eligibility Conditions For LIC Jeevan Labh Base Plan:

Entry Age:
  • Minimum: 8 years (completed)
  • Maximum: 59 years (nearest birthday) for Policy Term  16 years.
    • 54 years  (NBD) for Policy Term 21 years.
    • 50 years  (NBD) for Policy Term  25 years.

  (Nearest Birthday = NBD)
Maximum Maturity Age:
  • 75 years (nearest birthday)
Policy term and Paying Premium Term: For 16 years Policy Term: 10 years is the Paying Premium Term.

For 21 years Policy Term: 15 years is the Paying Premium Term.

For 25 years Policy Term: 16 years is the Paying Premium Term.
Premium Payment Mode:
  • Yearly, Half-yearly, Quarterly or Monthly mode (through ECS only or salary deductions)
Sum Assured:
  • Minimum: Rs.2,00,000/-
  • Maximum: No limit.
  • Sum Assured shall be in multiples of Rs. 10, 000/-

LIC Jeevan Labh Endowment Plan Rebates

There are two rebates for the basic LIC Jeevan Labh Plan, they are

  1. Mode Rebate.
  2. Sum Assured Rebate.

Mode Rebate:

Mode

Percentage
Yearly mode 2% of tabular premium
Half-yearly mode 1% of tabular premium
Quarterly  and monthly  mode NIL

High Basic Sum Assured Rebate:

Basic Sum Assured (BSA)

Rebate Per Rs.1000 B.S.A
Rs. 2,00,000/- to Rs. 4,00,000/- NIL
Rs. 5,00,000/- to Rs. 9,90,000 1.25 %0    B.S.A
10,00.000 to 14.90,000 1.50 %0    B.S.A
15,00,000  and above  1.75 %0   B.S.A

CORPORATION EMPLOYEES INSURANCE SCHEME (CEIS) REBATE:

Premium  Paying Term

CEIS  Rebate
10 Years 5%
15 years  and more 10%

Jeevan Labh LIC Plan 836 Premium Calculator

You can calculate the Premium rate of this plan using LIC Jeevan Labh 836 Premium Calculator. Following are the required details to calculate the premium.

  • NAME.
  • E-MAIL ID.
  • MOBILE NUMBER.
  • AGE.
  • TERM.
  • SUM ASSURED.

LIC Jeevan Labh Plan 836 Maturity Calculator

LIC Jeevan Labh Plan 836 Maturity Calculator helps you to calculate the maturity value or maturity amount. Maturity amount is the amount that is payable to the policyholder during the maturity time. Maturity value is calculated based on previous year Bonus Rates. Along with Bonus rates LIC Jeevan Labh Endowment Plan Premium and Maturity Calculator uses some other parameters like Sum Assured (SA), Final Additional Bonus (FAB), etc. These are not exact amounts you will receive. But you will receive approximate or nearby maturity amount in this LIC Jeevan Labh 836 Plan Maturity Amount Calculator. Following are the required details to calculate maturity.

  • NAME.
  • E-MAIL ID.
  • MOBILE NUMBER.
  • AGE.
  • TERM.
  • SUM ASSURED.

LIC Jeevan Labh 836 Plan Additional Benefits

Following are the additional benefits by paying the extra premium.

LIC Accident Death and Disability Benefit Rider:

The UIN of Accident Death and Disability Benefit Rider is 512B209V01.

  • Accidental Death and Disability Benefit Rider (AD and DB) is available as an optional benefit by payment of additional premium.
  • In the case of accidental permanent disability (within 180 days from the date of accident), an amount equal to Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years.
  • Future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the LIC Jeevan Labh Plan shall be waived.

Eligibility conditions for Accidental Death and Disability Benefit Rider:

Entry Age:
  • Minimum: 18 years (completed).
  • Maximum: 65 years (nearest birthday).
Maximum Cover Ceasing Age:
  • 70 years
Minimum Accident Benefit Sum Assured:
  • Minimum: Rs. 10,000/-
  • Accident Benefit Sum Assured shall be in multiples of Rs. 10,000/-.
Maximum Accident Benefit Sum Assured:
  • An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs. 100 lakhs Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India.

LIC New Jeevan Labh Plan 836 Buying Procedure

Following are the required documents to buy the fresh / new policy of LIC Jeevan Labh Plan.

  • Application form/Proposal form.
    • The Revised Proposal Form Numbers are 300, 340 and 360.
  • Address proof.
  • Age proof.
  • Medical reports(if required).

For proposal form visit the nearest branch of LIC or from any LIC Agent.

LIC Jeevan Labh Endowment Plan Claim Procedure 

The documents required for claim procedure under Jeevan Labh LIC Plan are given below

  • Original Policy Document.
  • NEFT form.
  • Discharge form.
  • Cancel check or Bank Passbook xerox.
  • Death certificate.
  • Proof of Accident/Disability (For rider circular).
  • Employer/ College/School certificate for proof.
  • Medical Treatment before the death.

Additional Information about New Jeevan Labh LIC Endowment Plan

Following is the additional information about the LIC New Jeevan Labh Endowment Plan.

  • Loan: Loan facility is available under LIC New Jeevan Labh 836 Plan after paying the premiums for 3 years.
  • Riders: Riders are available under this  LIC Jeevan Labh 836 Plan. Availability of Accidental Death and Disability Benefit Rider.
  • Suicide clause: If the policyholder commits suicide for any of the reason within 12 months of the date of commencement of risk or from the date of revival, then 80% of the premium for what he had paid will be returned to his assignees or nominees.
  • Income Tax Reduction: Available for premiums paid and for Maturity returns.
  • Policy Revival: If you do not pay the premium within the grace period then the policy will lapse. If you are interested in continuing this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.
  • Proposal Forms: Proposal Form no. 300 or 340 or 360 will be used under this LIC Jeevan Labh Plan 836.
  • Tax: Service tax payable by the policyholder on premiums. For information about Tax on Insurance Polices refer www.taxqueries.in.
  • Free Look (Cooling Off )Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the plan.
  • Backdating interest: The policy can be backdated within the same financial year.
  • Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Labh 836 plan.
  • Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying term).
  • Surrender Value: This policy can be surrendered at any time, paying the premiums for 3 full years. The guaranteed surrender value is the percentage of total premiums paid.
  • Policy Stamping: Under, LIC New Jeevan Labh Plan stamping charges will be 20 paise per thousand Sum Assured.